Automotive Lifts Market: Prospective Growth Trends & Incremental Opportunity Assessment till 2032
The automotive lifts market has been witnessing steady growth, driven by the rising demand for vehicle maintenance and repair services worldwide. The market size was estimated at USD 3.6 billion in 2022 and is projected to increase from USD 3.7 billion in 2023 to reach USD 4.8 billion by 2032 , reflecting a compound annual growth rate ( CAGR ) of 2.92% over the forecast period (2024–2032). Automotive lifts are vital tools in service centers, garages, and workshops, enabling efficient maintenance and repair tasks by providing undercarriage access to vehicles. Their functionality and safety make them indispensable in industries that prioritize vehicle upkeep. Key Market Drivers Rising Vehicle Ownership and Fleet Expansion The increasing ownership of personal and commercial vehicles globally has bolstered the demand for routine maintenance and repair services. Automotive lifts are crucial in these operations, supporting t...